Tesco accounts face fresh inquiry

The Financial Reporting Council (FRC) has announced an inquiry into Tesco’s accounts for 2012, 2013 and 2014.

The FRC is an independent disciplinary body for UK accountants and actuaries.

The FRC’s investigation will include business services giant PwC’s auditing and preparation of Tesco’s accounts. PwC remains as Tesco’s auditor.

In September, Tesco said it had mis-stated its half-year profit guidance by £250m – a figure that was subsequently revised to £263m in October.

PwC said in a statement: “We take our responsibilities very seriously and remain committed to delivering work to the highest professional standards. We will cooperate fully with the FRC in its inquiries.”